Papa John’s Sinks Most Since 2020 on Report Apollo Pulled Bid

Papa John’s International Inc. plunged following a report that Apollo Global Management Inc. pulled its bid to take the pizza chain private.

The stock dropped as much as 21% on Tuesday afternoon trading, the most since the start of the Covid-19 pandemic in March 2020.

Apollo Global withdrew its offer to take pizza chain Papa John’s private at $64 a share about a week ago, Reuters reported, citing people familiar with the deal.

Semafor reported in June that Apollo and the Qatari investment fund Irth Capital made a take-private offer.

Papa John’s, which is scheduled to report third-quarter earnings on ...